Western Magnesium’s (OTCMKTS:MLYF) aims to utilize a continuous silicothermic process to produce magnesium, which substantially minimizes labor and energy costs relative to current methods and processes, while being environment-friendly. The ultimate objective is to be a low-cost producer of green, primary magnesium metal, a strategic commodity prized for its strength and light weight.
Trading Data
On Friday, MLYF stock ended gained 3.57% to $0.01160 with 313K shares, compared to its average volume 318K shares. The stock moved within a range of $0.1140 – 0.1200 after opening trade at $0.1179.
Western Magnesium Announces Resignation of Director
Western Magnesium Corporation on August 12, 2022, announced the resignation of Peter O’Rourke Sr. from the Company’s Board of Directors and as President, US Operations, effective from August 5th, 2022. The Board has wholeheartedly thanked him for his valuable contributions and wished success regarding future endeavors.
As of now, the company is interviewing candidates for a seat on the Company’s Board of Directors. According to the rules and regulations provided by NASDAQ, the board composition will change to reflect the diversity requirements implemented in August 2021.
Magnesium Metal Purity Results Received from Second Calibration Run of Commercialized Pilot Plant
On July 14, 2022, the company had received metal purity results from the second calibration process run of unrefined magnesium metal direct from the commercialized pilot plant. It showed a magnesium concentration of 99.62%.This was a third party analysis conducted using Laser Ablation ICP Mass Spectrometry at FiLTER – Fipke Laboratory for Trace Element Research, located at the University of British Columbia Okanagan in Kelowna, British Columbia, Canada.
On July 12, 2022, Western Magnesium Corporation received 99.83% metal purity results from the first calibration process run of unrefined magnesium metal produced directly from the commercialized pilot plant. The metal purity samples were prepared by the Company’s process engineer, Dr. Tyler Davis.
Edward Lee, Executive Chairman, had commented that the received purity results have exceeded expectations and brought fruition to more than 11 years of research and development. Once the proprietary process is fully upscaled it will eventually supply and give American industry comfort knowing there is a domestic producer of magnesium metal that they can finally rely on for years to come. He said the outcome is incredible as the samples are unrefined and straight from the reactor, representing the opportunity for the company to produce many different product lines from their magnesium metal including alloys, whether it is in an ingot or molten form without refining.
Paul Sauvé, Chief Technology Officer, said achieving unrefined magnesium purity of this concentration directly from their proprietary continuous reactor on the second run will allow them to continue toward full plant optimization. The metal purity more than 99.80% this early in the optimization phase was an unprecedented achievement as well that boosted confidence. The company is now favorably positioned as the front-runner in the American manufacturing revolution of producing clean magnesium and bringing the production of this critical mineral back to the United States.
Technical Data
MLYF stock is trading below the 20-Day and 50-Day Moving averages of $0.13 and $0.17 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.31. The company has a total market capitalization of $52.08 million. The stock is down 48% over the past 3-month.
